French investors BNP Paribas REIM, BNP Paribas Cardif and Sogecap have completed the purchase of the Horizon building in Düsseldorf, from developer Die Developer Projektentwicklung (ddp) for an undisclosed amount.
The transaction, which was first agreed in July 2016, involves a 24,000 m2 newly-built office complex currently housing the German headquarters of French global cosmetics company L’Oréal.
The 60-metre high office project was financed back in 2015 with a €150 mln loan from lender Pbb and was delivered at the end of 2017.
BNP Paribas REIM Germany carried out property sourcing and transaction management and is also in charge of Asset Management.
BNP Paribas REIM closed the purchase on behalf of its €1.1 bn OPCI for private clients, Diversipierre.
JLL and PWC Legal advised the seller ddp and the law firm Herbert Smith Freehills advised the three co-investors.
